E-Bike Battery Swapping Cabinets Market
Electric Vehicle Battery Swapping is a place at which an electric vehicle’s discharged battery or battery pack can be immediately swapped for a fully charged one, eliminating the delay involved in waiting for vehicle’s battery to charge.
Battery swapping stations offer a quicker solution to address range anxiety, where each battery swap takes less than 10 minutes and requires much smaller space to install compared to charging stations.
In addition, battery-as-a-service (BaaS) is another solution gaining traction in the battery swapping industry, given its impact on reducing high upfront price of electric vehicles by separating battery ownership.
Moreover, battery swapping reduces down-time and acquisition cost of a vehicle as customer pays only for the energy.
Global E-Bike Battery Swapping Cabinets Market: Overview
The global E-Bike battery swapping cabinets market is expected to amplify with a CAGR of 14.2% over 2022-2030, thereby amassing a valuation of USD 18.3 billion by end of the assessment timeline.
Rise in demand for electric vehicles, coupled with lack of adequate public charging facilities and reduced time for electric vehicle charging are anticipated to drive the market growth.
However, differentiation in battery technology and design and high initial set-up and operating cost of battery swapping station hamper the market growth.
Further, rapid emergence of shared e-mobility and introduction of innovative & advanced battery swapping model and services by market players are some of the factors that are expected to offer lucrative opportunities for the electric vehicle battery swapping market growth during the forecast period.
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Key Trends: Growth Determinants and Challenges
Increasing Sales of Electric Vehicles
According to the Electric Vehicle World Sales database, the plug-in vehicle deliveries globally reached 2.1 million units in 2018, which was 64% higher. These include all plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) passenger car sales, light commercial electric vehicles in Europe and China, and light trucks in the U.S. or Canada. Furthermore, at the end of 2018, the total number of plug-in vehicles sold globally was 5.4 million light vehicles and 600,000 units of medium and heavy commercial vehicles. This rapid growth in the number of electric vehicles will result in longer duration of charging hours of vehicles at the EV charging station.
Cloud-based Battery Swapping
The cloud-based battery swapping system is the recent trend observed in the electric vehicle battery swapping system market. The growth of cloud technology has helped in technological advancements in electric vehicle charging. The cloud-based battery swapping service offers numerous advantages such as driving information of the vehicle, station information, remaining charge notification, reservation exchange, charging data, battery stock, battery end life, vehicle charger & exchange station operation information, battery log, and others. The information regarding the current status of the swapping station is provided with the help of smartphone app to the user.
Competitive Landscape:
Segmental Analysis of Global E-Bike Battery Swapping Cabinets Market:
Based on Service Type
Based on Vehicle Type
Two-wheelers dominated the global market, and they are expected to continue to dominate it during the forecast period. This is mainly due to two-wheeler manufacturers’ surging focus on the adoption of the battery swapping technology in their models, to provide users with a convenient ride, without worrying about the range and charging infrastructure unavailability.
APAC, led by China, is the dominant region in the EV battery swapping for two- and three-wheeler market. China and India are the two biggest markets for electric two and three-wheelers in the world. The successful adoption of the battery swapping concept in Taiwan has given a boost to the market in the region.
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